Cognizant Technology Solutions Co. (NASDAQ:CTSH) Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA decreased its position in Cognizant Technology Solutions Co. (NASDAQ:CTSH - Free Report) by 1.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 868,372 shares of the information technology service provider's stock after selling 15,501 shares during the period. Pictet Asset Management Holding SA owned approximately 0.18% of Cognizant Technology Solutions worth $66,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of CTSH. Vanguard Group Inc. grew its holdings in Cognizant Technology Solutions by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 59,028,485 shares of the information technology service provider's stock worth $4,539,290,000 after acquiring an additional 515,881 shares during the period. State Street Corp grew its position in Cognizant Technology Solutions by 3.6% during the third quarter. State Street Corp now owns 24,985,816 shares of the information technology service provider's stock valued at $1,928,405,000 after buying an additional 867,176 shares during the period. Geode Capital Management LLC raised its position in shares of Cognizant Technology Solutions by 1.3% in the third quarter. Geode Capital Management LLC now owns 13,280,223 shares of the information technology service provider's stock worth $1,022,728,000 after acquiring an additional 173,667 shares during the period. Norges Bank purchased a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth about $527,719,000. Finally, Boston Partners grew its position in shares of Cognizant Technology Solutions by 11.0% during the 4th quarter. Boston Partners now owns 3,406,513 shares of the information technology service provider's stock valued at $261,996,000 after acquiring an additional 336,870 shares during the period. Hedge funds and other institutional investors own 92.44% of the company's stock.

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Cognizant Technology Solutions Stock Performance

NASDAQ:CTSH traded down $3.04 during trading hours on Thursday, reaching $73.69. 851,139 shares of the company's stock were exchanged, compared to its average volume of 3,541,323. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions Co. has a 1-year low of $63.79 and a 1-year high of $90.82. The company has a 50-day moving average of $82.57 and a 200 day moving average of $79.49. The firm has a market capitalization of $36.45 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH - Get Free Report) last announced its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. Research analysts anticipate that Cognizant Technology Solutions Co. will post 4.98 EPS for the current year.

Cognizant Technology Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend was Tuesday, February 18th. This is a positive change from Cognizant Technology Solutions's previous quarterly dividend of $0.30. Cognizant Technology Solutions's dividend payout ratio is currently 27.49%.

Cognizant Technology Solutions announced that its Board of Directors has approved a share repurchase plan on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Mizuho upgraded Cognizant Technology Solutions to a "hold" rating in a research report on Wednesday, March 19th. Barclays raised their price target on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an "overweight" rating in a research note on Monday, February 10th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $93.00 price objective on shares of Cognizant Technology Solutions in a research note on Wednesday, March 26th. Needham & Company LLC reissued a "hold" rating on shares of Cognizant Technology Solutions in a research note on Thursday, March 27th. Finally, Morgan Stanley lowered their target price on Cognizant Technology Solutions from $85.00 to $80.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 12th. Fourteen analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $84.56.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.